E-commerce is conquering new heights each day and the competition is getting bigger. New e-commerce veneers get launched every day and no one can predict which one will turn out to be the mighty one.
Here we are discussing the current giants in the industry. We have included e-commerce companies from all over the world.
Some of them have been in the field for quite a while and have showcased a stable performance while some others are newcomers but it did not take much time to soar to the heights. So, start reading this article on the fastest-growing e-commerce companies in 2024.
Fastest Growing E-Commerce Companies In 2024
PDD Holdings Inc. (NASDAQ: PDD)
Latest Annual Revenue Growth: 51.91%
PDD Holdings Inc is a Chinese firm and it is based in Ireland. It is seen as one of the fastest-growing e-commerce companies in 2024. It has a significant position in the US market as well as the global market.
PDD Holdings is reaching more American customers through the e-commerce megastore Temu. Among the US online shoppers, Temu has become a popular name and it is on the run to become one of the giants in the American marketplace.
PDD Holdings also known as Pinduoduo Inc was founded by Colin Huang a Chinese businessman and software engineer back in the year 2015. The latest reports suggest PDD Holdings has an annual revenue growth of 51.91%.
D-Market Elektronik Hizmetler ve Ticaret A.S. (NASDAQ: HEPS)
Latest Annual Revenue Growth: 36.25%
D-Market Elektronik Hizmetler ve Ticaret A.S. is popularly known as Hepsibuarda.com and is a Europe-based e-commerce company.
It is one of the few European e-commerce companies that has made the global list of the fastest-growing e–commerce companies in 2024. It is a company from Turkey and its headquarters is in Istanbul.
It is seen as one of the hottest e-commerce companies in the world right now as its Q3 results have shown 52% annual growth. The company was founded back in 1998 by a Turkish e-commerce pioneer and businesswoman Hanzade Doğan Boyner.
As per the reports from the Q1 of 2022, the company has had 12 million users. The latest recorded annual revenue growth of D-Market Elektronik Hizmetler ve Ticaret A.S. is 36.25%.
LightInTheBox Holding Co., Ltd. (NYSE: LITB)
Latest Annual Revenue Growth: 29.22%
LightInTheBox Holding Co., Ltd. is an e-commerce company based in Singapore. It is a relatively smaller e-commerce company but shows promising growth and future. LightInTheBox Holding Co., Ltd. has a market capitalization of $112 million, a latest annual revenue growth of 29.22%, and $650 million in the last 12-month revenue.
The company was founded in 2007. You can consume fast fashion, apparel, gadgets and accessories, toys, electronics, home gardens, communication devices, and many more from its website. It trades on the NYSE (New York Stock Exchange) with the ticker symbol LITB.
Global-e Online Ltd (NASDAQ: GLBE)
Latest Annual Revenue Growth: 28.12%
Global-e Online Ltd is an online e-commerce company from Israel. It is headquartered in Petah Tikvah Israel. The company was founded in 2013.
The company promotes the concept of smart global expansion by providing localized browsing, localized checkout, global logistics, risk management and regulation, and marketing and insights. It enables cross-border commerce and local commerce as well.
Currently, the company has welcomed a new CEO who is a well-known European business and is waiting to see the innovations that are going to take place under his leadership.
MercadoLibre, Inc. (NASDAQ:MELI)
Latest Annual Revenue Growth: 25.71%
Another giant among the e-commerce companies, MercadoLibre is a Latin American presence in the global e-commerce market. It was founded in 1999 by Marcos Galperin, a billionaire businessman from Argentina.
As of the reports of the year 2016, MercadoLibre has more than 174.2 million users alone in Latin America. The major services provided by the company are an online marketplace and an e-commerce payment system.
MercadoLibre has a revenue of 14.5 billion US dollars and an operating income of 1.82 billion US dollars as of 2023. The company’s net income was estimated to be 987 million US dollars, total assets were estimated to be 17.6 billion, and it has a total equity of 3.07 billion US dollars.
It has created more than 50k job opportunities as well. The latest recorded annual revenue growth of the company is 25.71%.
The Bottom Line
We have listed only the top 5 fastest growing e-commerce companies in 2024. More companies need to be discussed. As an online shopper have you purchased anything from any of these? If yes, how was your experience? Please let us know in the comments.
